Marry Well If You Want to be Happy, Healthy and Wealthy

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Eighty-one percent of the self-made millionaires in my Rich Habits Study were never divorced. This equates to a divorce rate of only 19%. That’s a staggering data point, considering, in the general U.S. population, the divorce rate, according to data from the National Survey of Family Growth, was somewhere between 44%-48%.

When you marry well, it shows up in the form of a long-term, sound marital partnership. When you marry well it also shows up on the Balance Sheet, in the form of wealth accumulated over many years due to common values and habits concerning money.

When both spouses have similar values and habits, when they are on the same page, so to speak, building wealth and mutual fulfillment becomes much easier. When values and habits conflict, both spouses are not on the same page, and building wealth and securing mutual fulfillment becomes difficult, if not impossible.

SHARED VALUES

What, exactly are Values? [Read more…]

Rich Habits Poor Habits Episode 36 | The 4 Paths to Wealth

Becoming rich means taking risk or making sacrifices, you get out what you put in.

In Tom Corley’s five-year Rich Habits study of 233 rich people and 128 poor people he discovered that your habits dictate your circumstances in life.

He discovered that daily habits dictate how successful or unsuccessful you will be in life.

There are four ways to become rich:

  • Live Below Your Means
  • Expand Your Means
  • Do Both
  • Getting Lucky

1. Living Below Your Means

Living below your means and investing your savings prudently is the only guaranteed way to become rich.

But, this approach requires enormous sacrifices – you must manage your spending your entire life and that requires making sacrifices: small house in an inexpensive neighborhood, no vacations, no restaurants, no kids. lose saving

If you do have kids your kids are forced to sacrifice along with you.

They have to buy their own stuff: iPhones, movie tickets, toys, cars, college education, etc.

Most are unwilling to make those sacrifices.

We want the nice home in the safe neighborhood, we want the nice vacations, we want to give our kids their iPhones and a college education.

So, for the vast majority, living below your means requires too much sacrifice.

But, for those willing to make the sacrifice, wealth is virtually guaranteed.

So, the question is, how bad do you want to be rich? Is being rich so important to you that you are willing to make the sacrifices that are required?

2. Expand Your Means farm seed soil grow wealth

Expanding your means usually requires taking on risk and working long hours, by pursuing a dream or starting a business.

According to my research and many other studies on wealth creation, about 80% of the multi-millionaires and billionaires make their money this way.

The upside is enormous wealth where everyone in your family benefits from your risk taking and hard work.

The downsides include time away from family due to long work hours or poverty, you could fail.

3. Doing Both

Living below your means and expanding your means requires the most sacrifice.

4. Getting Lucky

Getting lucky means you fall into money somehow without any real effort. success

Examples of this are big gambling wins such as hitting the lottery, the slots, horses, etc.

Or, you you inherit your wealth – you’re born into a rich family or inherit money from a parent, grandparent, aunt, uncle, brother or sister.

The reason so many gamble is because they are unwilling to make the long-term sacrifices required.

Almost everyone wants to be rich, but they want that wealth without having to take on risk, work long hours, or make sacrifices for themselves or their family.

Becoming rich is not easy.

 

 

Rich Habits Poor Habits Episode 35 | ‘Want’ Spending Will Put You in the Poor House

How much are your spending habits affecting you level of wealth?

In Tom Corley’s five-year Rich Habits study of 233 rich people and 128 poor people he discovered that your habits dictate your circumstances in life.

He discovered that daily habits dictate how successful or unsuccessful you will be in life.

There are two groups of poor people.

The first group are individuals who simply do not make enough money to meet their needs. money

The second group are individuals whose income exceeds their needs but who, nonetheless, spend more than they make.

According to Census Bureau data, there are approximately 46 million poor people who cannot meet their needs.

They are forced to rely on assistance in one form or another from federal and state governments.

According to this same data, there are approximately 30 million other people who make more than they need but who are, nonetheless, one paycheck away from poverty.

These individuals engage in something called Want Spending.

Want Spenders spend more money than they make on their wants.

They surrender to instant gratification, eschewing saving in order to buy things they want now: 60 inch TVs, nice vacations, expensive cars, bigger homes and jewelry.

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Want Spenders routinely gamble away part of their income.

They also spend too much money at bars and restaurants.

Worse, they incur debt in order to finance their standard of living.

Want Spenders create their own poverty.

They are undisciplined with their money.

They have been brainwashed by advertisers and a consumerist society into buying things they do not need.

When Want Spenders are no longer able to work due to old age, they live out the remainder of their lives in abject poverty.

They become dependent on family, friends, the government or the charity of others.

Their poverty is the byproduct of a Poor Habit known as Instant Gratification.

Want Spenders rationalize their Want Spending in a number of ways:

  • I’ll make more money in the future
  • I’ll get a better paying job
  • I’ll get a second job
  • I’ll get a raise
  • I’ll get a bonus
  • The economy will improve and I’ll make more money
  • I’ll get more clients or customers
  • My children will take care of me in retirement
  • I’ll move to Florida, or some inexpensive place, and live off Social Security

Most people in society do not make a lot of money.

A fortunate few have the Rich Habit known as Delayed Gratification.

These individuals live within their means and do not engage in Want Spending.

These individuals are disciplined savers. lose saving

They diligently save at least 10% of their income, paycheck by paycheck, month by month, year by year.

Their savings grow either by the power of compounding or by prudent investing.

When they retire, they live out the remainder of their lives financially independent, not reliant on financial support from others.

If you’re like most people, you don’t make a lot of money, but the money you do make exceeds your needs.

You have a choice on what you do with this Excess Money.

You can engage in Want Spending, live for today, and rationalize away why you do what you do with your Excess Money.

Or, you can take control of your financial life, by saying yes to saving your Excess Money and saying no to Want Spending.

 

 

Rich Habits Poor Habits Episode 22 | What does it take to be successful Part 2

Is success just a matter of luck?
expert leader chess game strategy business win success lose think mind psychology

Despite most people thinking that successful people just got lucky – the reality is it take much more than that.

Rich successful people have developed certain habits and beliefs that have guided them through their.

In Tom Corley’s five-year Rich Habits study of 233 rich people and 128 poor people he discovered that your beliefs dictate your circumstances in life.

The wealthy adopt certain beliefs that promote success.

In this week’s video we discuss 10 habits that successful people posses

These include:

  1. All success requires an optimistic, positive mental outlook
  2. All success requires the development of processes that work
  3. All success requires adding value to the lives of others
  4. All success requires creating a herd of followers
  5. All success requires stepping outside your comfort zone
  6. All success requires laser-like focus
  7. All success requires developing unique skills and the acquisition of knowledge specific to your industry
  8. All success requires creating the opportunity for luck to occur
  9. All success requires the ability to pivot around obstacles, pitfalls, mistakes and failures
  10. All success requires the ability to survive until you thrive

You can catch up with past episodes of this weekly webcast here Rich Habit, Poor Habits – Tom Corley & Michael Yardney

You may also be interested in viewing:

RICH HABITS POOR HABITS EPISODE 21 | WHAT DOES IT TAKE TO BE SUCCESSFUL PART 1

RICH HABITS POOR HABITS EPISODE 20 | NO IS A RICH HABIT

RICH HABITS POOR HABITS EPISODE 19 | IS BEING RICH OR POOR A CHOICE?

RICH HABITS POOR HABITS EPISODE 18 | FEARLESS HABITS OF ENTREPRENEURS

 

 

KIPLINGER’S SEPTEMBER 2017 PROFILE – GET INTO THE WEALTH HABIT

Click on the link below to view my profile in Kiplinger’s Magazine titled: Get Into the Wealth Habit:

KIPLINGERS SEPTEMBER 2017

 

Rich Habits Poor Habits Episode 21 | What does it take to be successful Part 1

What does it really take to be successful? What does it really take to be successful

Despite most people thinking that successful people just got lucky – the reality is it take much more than that.

Rich successful people have developed certain habits and beliefs that have guided them through their.

In Tom Corley’s five-year Rich Habits study of 233 rich people and 128 poor people he discovered that your beliefs dictate your circumstances in life.

The wealthy adopt certain beliefs that promote success.

In this week’s video we discuss 10 habits that successful people posses

These include:

  1. All success requires passion
  2. All success requires unrelenting persistence
  3. All success requires taking risks
  4. All success requires action
  5. All success requires hard work
  6. All success requires a team of apostles who believe in you and your dream
  7. All success requires continuous daily self-education
  8. All success requires a leap of faith
  9. All success requires patience
  10. All success requires good daily habits

You can catch up with past episodes of this weekly webcast here Rich Habit, Poor Habits – Tom Corley & Michael Yardney

You may also be interested in viewing:

RICH HABITS POOR HABITS EPISODE 20 | NO IS A RICH HABIT

RICH HABITS POOR HABITS EPISODE 19 | IS BEING RICH OR POOR A CHOICE?

RICH HABITS POOR HABITS EPISODE 18 | FEARLESS HABITS OF ENTREPRENEURS

RICH HABITS POOR HABITS EPISODE 17 | POOR BELIEFS PART 2

 

 

How Intermittent Fasting Works

Tom Corley boats - crop

Have you ever heard of Intermittent Fasting?

I’ve been studying Intermittent Fasting since 2007. That’s when I discovered that 30% of the self-made millionaires in my study used it to stay lean (thin).

What is Intermittent Fasting? [Read more…]

God’s Greatest Gift

 

Tom Corley boats - crop

There once was a woman who was miserable with her life. She hated her low-paying, high stress job, yet worried every night about losing it. She and her husband were falling behind on their bills and their credit card debt kept growing. They constantly fought with each over their money problems. Her husband began coming home later and later every night. She suspected he might be cheating on her.

She was beside herself. In desperation, one night she dropped to her knees and began to pray. She continued praying for several months, every night begging God to fix her money problems and make her happy. Then, one night, God appeared to her in her bedroom.

“I am very sorry to see you unhappy, my child. What can I do to help?”

The woman thought long and hard. “Please, dear God, help turn my life around. I want to stop fighting with my husband and I want all of my money problems to go away. I want to finally be in control of my life.”

God thought for a minute, then said, “I will give you a gift. It is my greatest gift. This gift has the power to completely transform your life. Do you accept my gift?”

“Yes, yes I do. I do accept your gift. Please give me your greatest gift so that I can transform my life.”

With that, God bowed his head and said, “my greatest gift is bestowed upon you, my child.”

God slowly faded away and then, vanished into the night.

[Read more…]

Rich Habits Poor Habits Episode 18 | Fearless habits of Entrepreneurs

What is an entrepreneur? risk_decision_uncertain_fear_1000px

On the surface these are wealthy and successful people – but there’s much more to them than that.

Entrepreneurs posses beliefs that are a great part of their success – they take risks and they are fearless.

Beliefs represent the acceptance of something without any proof to back up what we accept as fact.

In Tom Corley’s five-year Rich Habits study of 233 rich people and 128 poor people he discovered that your beliefs dictate your circumstances in life.

Those who are wealthy have different beliefs than those who are poor or stuck in the middle class.

We adopt the beliefs our parent, family, mentors, culture, and environment.

Most who were raised in poverty inherited limiting beliefs that hold them back in life.

Those who are able to rise from poverty and become wealthy found mentors who possessed success beliefs or employed certain strategies that enabled them to remove their limiting beliefs and implant success beliefs, effectively re-programming their entire belief system.

In this week’s video we discuss 5 key habits of Entrepreneurs:

These include:

  1. Prepare Educated and calculated risks
  2. Pivoting according to the situation
  3. Keeping eye on the ball -focusing on the dreams
  4. Surrounding themselves with successful people
  5. Expecting failure

You can catch up with past episodes of this weekly webcast here Rich Habit, Poor Habits – Tom Corley & Michael Yardney

You may also be interested in viewing:

RICH HABITS POOR HABITS EPISODE 17 | POOR BELIEFS PART 2

RICH HABITS POOR HABITS EPISODE 16 | POOR BELIEFS PART 1

RICH HABITS POOR HABITS EPISODE 15 | RICH BELIEFS PART 8

RICH HABITS POOR HABITS EPISODE 14 | RICH BELIEFS PART 7

 

 

Raising Money Smart Kids Just Isn’t a Priority at Home or in School

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When I travel the country speaking to high school and college students about exactly what they need to do to become financially successful in life, I always begin my presentation by asking three questions:

“How many want to be financially successful in life?”

“How many think they will be financially successful in life?”

Almost every time I ask the first two questions every hand rises in the air. Then I ask the magic third question:

“How many have taken a course on how to be financially successful in life?”

Not one hand rises in the air, ever. Clearly every student wants to be successful and thinks they will be successful but none have been taught by their parents or their school system how to be financially successful in life. Not only are there no courses on basic financial success principles but there are no structured courses teaching basic financial literacy. We are raising our children to be financially illiterate and to fail in life.

Is it any wonder that most Americans live paycheck to paycheck? That most Americans accumulate more debt than assets? That many Americans lose their homes when they lose their job? Is it any wonder that most Americans cannot afford college for their children and that student loan debt is now the largest type of consumer debt?

Parents are often the only shot any of us have at having financial success mentors in life. Parents are responsible for laying the foundation for financial success with their kids. They need to be financial success mentors to their kids.

When parents mentor their kids for financial success, they give their kids a competitive advantage. Why? Because most parents don’t teach their children about money. By the time their kids become adults, and figure out what to do and what not to do, they are already behind the eight ball.

Parents, therefore are the key to the financial success of their children. In my book Rich Kids, I share many mentoring strategies that help parents in raising their kids to succeed in life financially. Here are a few of those strategies: [Read more…]